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. i'll be talking with the head of allstate insurance about the massive disaster relief efforts under way, how fast are they paying the claims and what kinds of impacts investors can expect to see on the bottom line. >>> later the government's role in recovering from sandy has raised debate whether bigger government is necessarily better. we'll discuss both sides of the argument off of that hot issue in a few minutes. stay with us. >>> welcome back. one of the companies reporting earnings today in the thick of the recovery from hurricane sandy. tom wilson is ceo of allstate insurance and joins us now exclusively after reporting earnings. what timing, tom. >> hi, maria. how are you? >> i'm doing okay. i want to get to your earnings in a moment but here we are in terms of insurance being on the front center given the fact that so much destruction has occurred. let me talk about andy before we get into the earnings, tom. lot of people wondering what kind of damage we're expecting. how do you see it? >> well, this is a massive storm, maria. there's two things that drive a storm, the damag
. there's some looting going on as well. up next we have allstate's ceo coming up, a lot more on the post sandy edition of "the closing bell." >>> coming up, back to business. an historic reopening of wall street and we have all the angles covered from every exchange. who won, who lost and what companies rose above a very shaky october for the markets? >>> plus taking stock. despite sandy's path of destruction, there are lots of big earnings. we catch you up on reporting results. we bring you the latest numbers and analysis from our market experts. and is sandy a case for big government? why some are using the superstorm to say big government really is better. we separate the fact from fiction of that argument. that's all ahead on this special edition of "the closing bell." customer erin swenson bought from us online today. so, i'm happy. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert, reroute... even reschedule her package. it's ups my choice. are you happy? i'm happy. i'm happy. i'm happy
, i mean, the industry is going to take a lot of losses. companies like allstate and travelers are all going to be there taking losses. on the commercial property side as well with flooding there'll be some losses. but you have to remember, this is the business that these companies are -- this is what they do. they'll be prepared to help their policyholders. they'll often buy a lot of reinsurance. their balance sheets are actually pretty strong, particularly after what has been a benign year to date. i would assume the stocks would be weak when they open on wednesday, presumably. but that's probably a buying opportunity. you have to remember that that's what these companies do. >> have you taken a look to see which companies actually have the best reserves at this point? >> you know, i think actually -- >> is there one that stands out? >> chubb is a very high quality company that's going to take some losses here but probably the one with the strongest balance sheet. >> cliff, good to hear from you today. thanks so much for coming on. >> thank you. >> brian kelly, you have a trade on an
raise prices, where as an all-state or travelers won't be able to price as aggressively. in terms of aig, the reason we own it, this is obviously a horrible situation, but i think it will be contained somewhat in the fourth quarter, maybe the first. it's really cleaned up its balance sheet and focusing on two business lines. casualty and life. i think the life business will start to see some momentum as he they get more distribution. i think they use the weakness to buy when the stock is trading at .6 times book value. >> mike murphy, you could see a bit of an earnings hit based on what the actual insured losses and payout turn out to be. which name in this space you think is best in your portfolio? >> the market's kind of telling you that aig is getting a burp today and the rest are selling off little bit. aig is the way to play this, but if you look coming into this storm, we talked a lot about maybe buying these guys on major weakness. if you go back over time, if do get a pullback on really any insurance company, it sets up as g good buying opportunity. i think there's a buying oppor
allstate and others. it shares in frankfurt trade add building 0.15%. visa's fourth quarter profits beating forecasts. no make money from processing trk. via processed more than 14 billion transactions during the quarter and the decline in debit card volume has been slowing. >>> and barclays being accused for allegedly manipulating prices. the bank and four former traders are said to have carried on out the activity from 2006 to 2008. barclays says it will fight the agen agency. and politics in europe not getting any better. david cameron, rebels within his own party voted against his eu budget plan. not what cameron was hoping for. he's worried it could lead to britt continue leaving the european union. there's a sense here as britain goes through austerity why we continuously are upping the budget for the european union, right? which i think a lot of people -- >> no, but of course given all this in the run up to these budget talks, it's clear that any fractions are being exacerbated -- any frictions are being exacerbated within the eu, will britd continue ultimately call a referendum? >>
opportunity. if you look at some of the companies like allstate or travelers which have a lot of exposure as well, some good buying opportunities. even though the numbers are high here, potentially as high as the $20 billion range, there's enough capital to deal with this. i think it could be a buying opportunity. >> we're trying to anticipate the nature of the markets tomorrow when we open after two days being off. it's hard to assess that before it actually happens. do you think there might be a number of people who will want to raise cash and maybe want to sell in this market environment as they try and rebuild? is that going to be a trend for a while, do you think? >> well, certainly the insurance companies are going to have to raise cash because they're going to have to pay out. we'll see all sorts of markets that may have stocks for sale. it is month end as well. i think you have some portfolio rebalancing. some mutual funds have their fiscal year happening. i think the market will certainly get tested to see if they're ready for it because it's month end and the need for people to
like state farm, travelers, allstate, who are hue on the list of market shaur locally. >> all right. paul, unfortunately we have to leave it there. we appreciate your time and analysis. paul newsome. simon, have you an interesting insurance play. crawford. >> larger the disaster the better company does. they do the overflow for the claims for a lot of the carriers. if you see a big concentration of claims they will benefit from it. look out for crawford. >> all right. at this point we want to revisit new york city mayor mike bloomberg with his press conference on the impact of hurricane sandy on the city. >> roughly 47,000 customers without service right now in the city of new york. we think there is a significant chance of major flooding throughout the parts of new york city. we are especially concerned about the downtown manhattan and parts of the brooklyn, coney island. we are looking at -- i think it is likely that we will be preemptively shutting down the underground networks, two networks in manhattan, fulton network, the -- bowling green network. which essentially cover the a
at all-state, it's been a monster stock. you may get another day or two on the down side. they will pass on their costs, and these stocks in my opinion will be higher in the foreseeable future. >> i think it's very much a viable dip. stocks are down 8% as a whole, i think all state. if you don't own the insurance companies, it's a good time to get in. >> i mentioned chubb yesterday, i haven't bought it yet, i'm going to buy pretty soon. >>> next, we're tracking all the up arrows, including a move in starbucks. which retailers get hit the hardest by hurricane sandy. later on, our traders get ahead of the big jobs report. [ male announcer ] tradins like a high-speed train. and you don't want to miss it with thinkorswim by td ameritrade. you get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, plus anytime you need it support. ♪ stocks, options, futures, and forex. get your trading on track. thinkorswim by td ameritrade. trade commission free for 60 days, plus get up to $600 when you open an account. >>> starbucks pulled in a triple shot gr
'll get something in the fall. to answer your question, who is best positioned, allstate, travelers and chub, pricing has been rising in the sector. investors are getting more optimistic. driving 8%, 9% in a number of lines of businesses in these companies. this is probably going to be an opportunity. if you look forward a week or two for the companies to report and sort of them, you know, the facts coming in basically to provide a floor under the stock. if you look forward to that point there will be a great buying opportunity because these stocks have underlying fundamental momentum for recovering earnings in 2013 and this will be a chance for investors to be able to buy, you know, sort of get back into these even though they late her a run. >> jon najarian, you have a question? >> from one of our traders, that would be great, thank you. most of us would believe chub customers would probably be the stickiest and are obviously paying the largest premiums of that group, travelers and all state. would chub be your number one pick in that group then for that reason? >> well, you know,
, melissa, that's good for a firm like allstate which is the number one of those publicly traded companies. >>> coming up next we continue to survey the damage in sandy's wake. another update from one of our reporters on the field. >>> plus tim seymour goes global with another pent up trade he just can't wait to make tomorrow. stay tuned. >>> to new york city mayor mike bloomberg speaking from oem headquarters. >> we saw the rockaways, lower manhattan, south shore of staten island, coney beach and provided a clear look at how extensive the damage from last night's storm was. it also showed the progress we're already making in our recovery. on the rockaway peninsula i walked through the part of breezy point that was absolutely devastated by the wind-fed fast-moving fires that took out more than 80 homes last night. to describe it is looking like pictures we've seen of the end of world war ii is not overstating it. the area was completely leveled. chimneys and foundations were all that was left of many of these homes. i actually ran into congressman bob turner and other breezy point homeowne
stocks, allstate, progressive, chubb, and if you take a look, you can see allstate opened down, then rallied since, but the volumes very, very light, nothing abnormal, so if you look at all of them, most of this em -- not a lot of volume, not a lot of activity, and i will continue to drive on this theme, what i am hearing is people are sitting on their hands and don't expect a lot of movement until early next week. >> we want to bring in jim paulson, chief investment strategist, brian belski, chief strategist with bmo capital market guys. good to see you guys. jim something wrote how great does that opening bell sound? it was a good thing to have. >> i think so. ty end of the day i think this is more a human tragedy and t-term economic hit, because it wasn't a financial panic which closed the market, which a lot of closures have been panicky. but even though it was closed for four consecutive days, it was opening elsewhere. and every day we had pricing action going on somewhere. futures here, overseas market, that allowed us to keep track of where we were, so i think that took
in the northeast. allstate, travelers, chubs, aig, hartford, any number of those would have exposure to the northeast. >> what were the other? >> allstate, travelers, chubs, aig, hartford. >> gloria, we have to run, quick question and i know two years does not make a trend, given we have two storms in way we haven't had in many years does that change how insurance is going to be marketed for example up here? >> i don't think it's going to change how it will be marked. i think demand will pick up. there's nothing like seeing your neighbor's house float away or burn down or have some problems for to you want to go out and buy more coverage in the future, so i think you'll see increased demand. i think pricing will get an extra little boost. i don't know if it's enough to make this a hard market but rates have been moving up because of the losses from last year, but also because of very low investment yield. >> gloria vogel, thank you for joining us this morning. appreciate your perspective. >> thank you. >>> i think we have a shot of seaside heights, where if you remember yesterday, th
insurers here in new jersey. about 11% market share. liberty mutual and allstate just below that with about 8%, and then chubb falling just below that with just over 7%. we should also note that a report from credit sweet said that as losses start too get into the $20 billion and $30 billion, allstate and chubb will be set to benefit from some of that, though we should note with the markets just opening today, those are definitely going to be some stocks that people will be watching as the market reopens and some of this damage is to be expected. of course, residents no doubt still reeling, and governor christie said fema will be a strong force here, no doubt, for many, many months. and he kept stressing that word, noting that this will be a very long recovery process. people are just starting to try and put the number on very early estimates. back to you. >> kayla, it looks like we're taking a few hits from your shot, but it is surprising to see the lights behind you. i don't know if you can still hear us, kayla. have they had these lights on the whole time with generators? is that a new c
pacific region. allstate earned $1.46 a share for the third quarter. 33 cents above estimates with revenue also beating consensus by a wide margin. the insurance company saw increased revenue from premiums as well as smaller catastrophe losses. and jda software reportedly on the verge of being acquired by new mountain. they'll pay $45 a share. a tooflgts $1.9 billion. the stock had jumped 12% yesterday on reports that the company might put itself up for sale. >> if you have comments, questions about anything you see here, squawk the at still ahead, tech jobs in america, how many are really out there and are they being filled? that's coming up next. plus kate kelly will be checking the supply chain for gasoline getting in to the tri-state area. i'll have to ask her if i have to car pool back into the city after the show. ♪ [ construction sounds ] ♪ [ watch ticking ] [ engine revs ] come in. ♪ got the coffee. that was fast. we're outta here. ♪ [ engine revs ] ♪ >>> take a look at u.s. equity futures. s&p 500 would be off marginally. nasdaq would be up marginally after a r
Search Results 0 to 13 of about 14